Will banks face any consumer setback with their newly introduced fees?

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Snada

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Oct 8, 2011
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Actually I was able to meet the daily balance requirement to avoid fees at my bank, however my concern is towards those who weren't so lucky.
It's as if our country is moving in a direction where the less fortunate people are being penalized. Though I I hear constant complaints no one is willing to take any action. What sense does that make? I bet if it were implemented by Obama there would be all sorts of revolts!
It frustrates me so...
 
If they want the convenience of using a debit card instead of paying cash, writing a check or using a credit card it is not unreasonable to expect someone to pay. When the govt told the banks they could not charge the merchants as much the bank had to make up the difference somewhere. The big winner in the merchant, not the bank. Seen any price cuts from them?
 
"Under the Dodd-Frank bill passed in 2010 — initially proposed by former Senator Chris Dodd (D-Conn.) and Representative Barney Frank (D-Mass.) — banks processing the transactions will see their income from those fees drop by about $10 billion a year, all in the name of fairness and equity, according to the Federal Reserve, which determined that the new fees are “reasonable and proportional.” .

The new fees are the result of the Dodd-Frank bill, so the left should face the "setback" but of course the blame will be directed at the banks.

"$5 Debit Card Fee: Don't Blame Banks — but Durbin, Dodd, Frank, the Fed"
http://www.thenewamerican.com/economy/commentary-mainmenu-43/9223-5-debit-card-fee-dont-blame-banks-but-durbin-dodd-frank-the-fed

What amazes me is that no one even questions why the banks suddenly raised fees.
 
Don't think so. $5 is a small amount. Most people are mad because of the idea of fees, not because of the actual cost. Most people will simply grin and bear it.
 
No.

Oh sure a few may move, but it will be an irrelevant number. Those who do business with these banks will continue long after these fees.

If you can't afford the fees, you shouldn't have an account with a bank, Credit Unions are a much better option for those with little money to save.

Banks = People who can keep a good amount of money saved and need a lot of specialized services.

Credit Unions = People who carry small balances and/or people don't require a lot of services beyond a car loan and mortgage.
 
Big Banks? Of course they will - consumers are already looking for other options. The good news for them is there are plenty. Credit Unions, Online Banking, Local/smaller banks, etc.
 
So you got your money through luck huh? Well good for you. I had to work for mine but I don't pay fees either.
 
I hope so....they are lying about it being "necessary'. They are making record profits already this year, and the charges they're imposing are significantly higher than the FUTURE cost of the bank regulations.. http://www.cnn.com/video/standard.html?/video/us/2011/10/06/out-front-bank-fees.cnn
 
They absolutely will.

I withdrew my money from two banks that instituted fee's and consolidated my accounts to one bank.

While they have the right to institute these fee's, we have the right to no longer do business with them.
 
with some weird glitch, I was getting charged $20 a month for a savings account that never went below $14,000. Today, I went in personally and the bank reversed the charges and switched me to a different type of account, but still wants me to bring in another $10,000 from another bank. I really don't mind because nobody's paying interest anyway, but I don't want to be CHARGED to park money at a bank. They are nice people at the bank, but they couldn't care less whether my money is at their bank or not because they have excess cash from the government that they were supposed to be using to make loans.
 
My bank is -- I am in the process of moving all my accounts over to a local credit union.
 
I have already taken action and highly encourage all other consumers to take action too.

I refuse to bank at any institution that thinks MY money is somehow THEIR money. They will pay ME for the privilege of using my hard earned money to lend and make money for themselves. I will NOT under ANY circumstances pay them for that opportunity.

So I refuse to bank anywhere that has maintenance fees ... regardless whether they are 'avoidable' fees or not.

Take your money out and put it somewhere where the institution won't steal it.
 
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